Under the Kuwait National Development Plan 2035 initiative, efforts are being made to transform the oil dependent economy of the country to a non-oil dependent one. Additionally, overall increased government spending would result in substantial infrastructural development across several sectors of the economy over the coming years. The recovery in oil prices has also led to the rejuvenation of the construction sector in the nation and around 700 projects are currently in the development stage in Kuwait, with a combined value of approximately $230 billion. Hence, the elevator and escalator market of Kuwait is predicted to experience a healthy growth in such domains in the years to come.
According to 6Wresearch, Kuwait elevator and escalator market size is projected to grow at a CAGR of 5.5% during 2019-25. Increase in construction of high-rise buildings and skyscrapers would upsurge the installation of elevators and escalators in the country. The escalator segment is expected to show high growth during the forecast period, primarily due to increasing installation of such solutions across airports, metros, and railway development projects in the country.
According to Prateek Gupta, Research Associate, Research and Consulting, 6Wresearch, "The Kuwait elevator market witnessed surge in demand for machine room less elevators owing to their growing use in low to mid-rise buildings and less energy consumption. With many upcoming low to mid rise building projects in the residential and commercial segments, the demand for machine room less elevators is expected to rise further."
According to Hardik Malik, Research Associate, Research and Consulting, 6Wresearch, "In the services segment, the new installation market accounted for the highest revenue share in 2018 owing to surge in demand for new elevator and escalator installations in the country as a result of widespread construction activities across the commercial vertical."
"Several infrastructural projects by the government, such as the expansion of Kuwait International Airport Terminal 2 and Kuwait metro rail project, would drive the demand for elevators and escalators in the transportation infrastructure domain in Kuwait," Hardik further said.
Some of the prominent players in Kuwait elevator and escalator market include Otis, KONE, Schindler, Hyundai, and Hitachi.
"Kuwait Elevator and Escalator Market (2019-2025)" report provides an in-depth analysis with 47 figures and 8 tables, covered in 102 pages. The report estimates and forecast the overall Kuwait elevator and escalator market by revenue, volume, types, regions and applications such as residential, commercial and industrial. The report also offer insights on competitive landscape, company profiles, market drivers and restraints.